Friday, January 04, 2008

RM250 limited liability To all credit card holders (Malaysia)

To all credit card holders, take note.

Most unaware of RM250 limited liability

CARDHOLDERS need not pay more than RM250 whenever their lost or stolen
credit cards are used by others. Yet, oftentimes, they end up paying much

This is because Bank Negara has not informed cardholders that they do not
have to pay more than RM250 for fraudulent transactions carried out using
their lost or stolen cards, when they had not acted fraudulently and had
informed the banks about the lost or stolen cards as soon as possible.

This protection is given under Clause 13.2 of Bank Negara's Credit Card
Guideline ("The cardholder's maximum liability for unauthorised
transactions as a consequence of a lost or stolen credit card shall be
confined to a limit specified by the issuer of credit cards, which shall
not exceed RM250 provided the cardholder has not acted fraudulently or has
not failed to inform the issuer of credit cards as soon as reasonably
practicable after having found that his credit card is lost or stolen").

Banks know about Clause 13.2 but have chosen to ignore it. Instead they
pursue cardholders for the fraudulent transactions.

They will tell cardholders that a clause in the credit card contracts
states that all transactions carried out before the loss of the cards are
reported to the banks, are deemed to be carried out by the cardholders.

Many cardholders then pay up because they are unaware of the RM250 limited

Bank Negara should rule that:

*THE RM250 maximum liability on fraudulent transactions is highlighted to
cardholders in the card agreements as well as in the monthly card

*BANKS are not allowed to insert any clause in the card agreement which is
contrary to Clause 13.2.

*BANKS should refund all money in excess of the RM250 collected from
cardholders whose cases clearly come under Clause 13.2.

Consumers Association of Penang.


At 9:55 PM , Anonymous useful number said...

i think the more important part is WHEN did you informed the bank about your lost card. Many a times, we do not remember our credit card banks hotline, thus, once you realised you lose your card, you have to search high low, panically for the numbers. It is seriously not easy to get these numbers in these bank website.

thus, after these experience, I work on a mobile directory site to contain all these emergency numbers. You can found most of the credit card / ATM report lost hotline there.

This site is known as which I keep the design to the minimal for fastest mobile surfing and build in click2call function that allow you to immediate make that call from your mobile phone. No need to remember and call. Thus, please help to spread this site to your friends so that in future, they know where to search for critically important numbers.

Thank you. Please like in facebook so that more people are make aware of this community site i am building Thank you


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